OSFEL: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
OSFEL
Largest movements
- Receivables after one year -€82,728
down €82,728 (-40.2%), from €205,850 to €123,122
- Tangible fixed assets -€74,762
down €74,762 (-28.7%), from €260,274 to €185,512
of which Furniture and vehicles: -€42,773
- Receivables within one year +€48,605
up €48,605 (+55.5%), from €87,566 to €136,171
of which Trade receivables: +€41,039
- Cash +€44,132
up €44,132 (+42.0%), from €105,050 to €149,182
mainly Receivables after one year (+€82,728) and Depreciation (+€82,560)
- Deferred charges and accrued income -€18,067
down €18,067 (-33.1%), from €54,512 to €36,445
- Debts after one year -€71,539
down €71,539 (-29.0%), from €246,327 to €174,789
- Profit (loss) carried forward -€14,517
down €14,517 (-20.1%), from €72,376 to €57,859
- Investment grants -€13,753
down €13,753 (-22.5%), from €61,027 to €47,274
- Staff costs -€26,339
down €26,339 (-8.0%), from €330,198 to €303,859
- Depreciation -€14,764
down €14,764 (-15.2%), from €97,324 to €82,560
- Financial charges +€12,658
up €12,658 (+29.7%), from €42,553 to €55,210
- Gross operating margin -€11,256
down €11,256 (-2.6%), from €431,670 to €420,414
- Other operating charges +€6,259
up €6,259 (+980.1%), from €639 to €6,897
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €765,097 | €672,426 | -€92,671 | -12.1% |
| Fixed assets | 21/28 | €260,274 | €185,512 | -€74,762 | -28.7% |
| Tangible fixed assets | 22/27 | €260,274 | €185,512 | -€74,762 | -28.7% |
| Plant, machinery and equipment | 23 | €2,997 | - | -€2,997 | |
| Furniture and vehicles | 24 | €52,196 | €9,423 | -€42,773 | -81.9% |
| Other tangible fixed assets | 26 | €205,081 | €176,088 | -€28,993 | -14.1% |
| Current assets | 29/58 | €504,823 | €486,914 | -€17,909 | -3.5% |
| Amounts receivable after more than one year | 29 | €205,850 | €123,122 | -€82,728 | -40.2% |
| Other amounts receivable | 291 | €205,850 | €123,122 | -€82,728 | -40.2% |
| Stocks and contracts in progress | 3 | €51,845 | €41,994 | -€9,851 | -19.0% |
| Stocks | 30/36 | €51,845 | €41,994 | -€9,851 | -19.0% |
| Amounts receivable within one year | 40/41 | €87,566 | €136,171 | +€48,605 | +55.5% |
| Trade receivables | 40 | €77,019 | €118,058 | +€41,039 | +53.3% |
| Other amounts receivable | 41 | €10,546 | €18,112 | +€7,566 | +71.7% |
| Cash at bank and in hand | 54/58 | €105,050 | €149,182 | +€44,132 | +42.0% |
| Deferred charges and accrued income | 490/1 | €54,512 | €36,445 | -€18,067 | -33.1% |
| Total equity and liabilities | 10/49 | €765,097 | €672,426 | -€92,671 | -12.1% |
| Equity | 10/15 | €154,303 | €126,034 | -€28,270 | -18.3% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €1,900 | €1,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €72,376 | €57,859 | -€14,517 | -20.1% |
| Investment grants | 15 | €61,027 | €47,274 | -€13,753 | -22.5% |
| Amounts payable | 17/49 | €610,794 | €546,392 | -€64,401 | -10.5% |
| Amounts payable after more than one year | 17 | €246,327 | €174,789 | -€71,539 | -29.0% |
| Financial debts | 170/4 | €246,327 | €174,789 | -€71,539 | -29.0% |
| Amounts payable within one year | 42/48 | €364,466 | €371,604 | +€7,137 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €71,927 | €77,118 | +€5,191 | +7.2% |
| Trade debts | 44 | €219,908 | €227,160 | +€7,252 | +3.3% |
| Suppliers | 440/4 | €219,908 | €227,160 | +€7,252 | +3.3% |
| Taxes, remuneration and social security | 45 | €22,631 | €19,859 | -€2,772 | -12.2% |
| Taxes | 450/3 | €170 | €176 | +€6 | +3.4% |
| Remuneration and social security | 454/9 | €22,461 | €19,683 | -€2,778 | -12.4% |
| Other amounts payable | 47/48 | €50,000 | €47,466 | -€2,534 | -5.1% |
| Remuneration, social security and pensions | 62 | €330,198 | €303,859 | -€26,339 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,324 | €82,560 | -€14,764 | -15.2% |
| Other operating charges | 640/8 | €639 | €6,897 | +€6,259 | +980.1% |
| Gross operating margin | 9900 | €431,670 | €420,414 | -€11,256 | -2.6% |
| Operating profit (loss) | 9901 | €3,510 | €27,098 | +€23,589 | +672.0% |
| Financial income | 75/76B | €13,797 | €13,775 | -€22 | -0.2% |
| Recurring financial income | 75 | €13,797 | €13,775 | -€22 | -0.2% |
| Financial charges | 65/66B | €42,553 | €55,210 | +€12,658 | +29.7% |
| Recurring financial charges | 65 | €42,553 | €55,210 | +€12,658 | +29.7% |
| Profit (loss) for the period before taxes | 9903 | -€25,246 | -€14,337 | +€10,909 | +43.2% |
| Income taxes | 67/77 | €171 | €180 | +€9 | +5.6% |
| Profit (loss) for the period | 9904 | -€25,417 | -€14,517 | +€10,900 | +42.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,417 | -€14,517 | +€10,900 | +42.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.